Bermuda’s Minister of National Security, Wayne Caines, said that the Uulala fintech company received the first ICO license in the region. It is reported by the Royal Gazette.
In July, the Secretary of the Treasury of the Overseas Territory of Great Britain, David Bert, introduced new regulations for fintech products and services. The bill classifies initial coin offers (ICO) as “limited business activities”.
The draft law also states that before holding a tokensals, companies must provide information about the proposed digital assets, the financing system, the amount to be raised and various technical aspects. In addition, you must obtain consent from the Minister of Finance of the region.
The CEO of Uulala, Oscar Garcia, reported that the process of obtaining a license took four months. Fintech offers a decentralized peer-to-peer network “to attract cash into the digital economy.” During the ICO, Uulala plans to raise $ 50 million.
We are looking at operating from Bermuda. The Bacardi story resonated with us — a group of Cuban Latinos who went to Bermuda and established their headquarters there. We are looking at doing something similar. Bermuda is known as a financial hub and it is very forward-thinking on blockchain and fintech.
The government of Bermuda began to develop bills for the legalization of the ICO in March. Then David Bert said that Bermuda could be an example for other countries in the field of ICO regulation.